BRAZIL Law and Practice Contributed by: Renata Iezzi, Nicole René Gomes e Cunha and Marcela Correa, Basch & Rameh
3.4.8 Judgments in Foreign Currencies See 2.6.7 Judgments in Foreign Currencies . 3.4.9 Taxes/Fees Payable See 2.6.9 Lessor’s Requirement to Pay Taxes/Fees . 3.4.10 Other Relevant Issues There are no other significant issues regarding the enforcement of lender rights. 4. Other Issues of Note 4.1 Issues Relevant to Domestic Purchase, Sale, Lease or Debt Finance of Aircraft There are no relevant material issues or court judg - ments. 4.2 Current Legislative Proposals There is a bill pending in the Brazilian Congress that, if ratified, would impose a new tax on aircraft due to their harmful impact on the environment. The tax would commence in 2027 and the rate is not yet known. As this is a draft bill pending in the Congress, its terms could change or the entire project could be cancelled before becoming law. Also see 2.6.5 Domestic Courts’ Approach to Foreign Courts and Judgments regarding the recent amend - ments to the Brazilian Code of Civil Procedure, which might limit parties’ ability to freely choose courts to govern disputes.
bered asset, the proceeds of which would be used to pay the secured party’s claim. For a variety of reasons, this remedy is ineffective with aircraft in Brazil. 3.4.2 Security Trustees’ Enforcement of Their Rights Provided the security assignment, notice and acknowl - edgement of assignment have been registered with the RAB, the security trustee is able to exercise its rights thereunder. 3.4.3 Application of Foreign Laws See 2.6.6 Domestic Courts’ Recognition of Foreign Judgments/Awards . 3.4.4 Recognition and Enforcement of Foreign Judgments and Arbitral Awards See 2.6.6 Domestic Courts’ Recognition of Foreign Judgments/Awards and 2.6.12 Enforcement of For- eign Arbitral Decisions . 3.4.5 Secured Parties’ Right to Take Possession of Aircraft See 2.6.1 Restrictions on Lessors’ Abilities and 3.4.1 Differences Between Enforcing Security Assign - ments, Loans and Guarantees . 3.4.6 Domestic Courts Competent to Decide on Enforcement Actions See 2.6.3 Specific Courts for Aviation Disputes . 3.4.7 Summary Judgments or Other Relief See 2.6.4 Summary Judgment or Other Relief and 2.6.12 Enforcement of Foreign Arbitral Decisions .
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